Question: My mortgage company offered to accept the past due payments on my account in the foreclosure process in exchange for stopping the foreclosure proceedings. Is the mortgage company obligated to stop the foreclosure by accepting the payment? I am not the mortgage holder but I am in the house with a filed quit claim deed in my name. Since I am not the mortgage holder I can’t get anything in writing legally from the mortgage company stating their terms to me. I have had a consultation with a real estate attorney, who answered some questions for me.
Response: That’s right. As long as the bank receives its payment, they will keep on taking it. They will reinstate the loan, the payments will go back to their original terms and the foreclosure proceedings will be stopped. You can’t get anything in writing because you are not the borrower. You would have to assume the loan to make it in your name and to have any new terms stated in writing. But if you are not trying to get a loan modification on your mortgage and just trying to resume to making payments, then you can just send the check to reinstate it and then continue making monthly mortgage payments. As long as you do, the bank will not bother you. As soon as you stop, again, the borrower, who is the person financially obligated under the note will end up in foreclosure, thus, risking losing the home that you own.
In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.
The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
Copyright © 2015 Law Office of Svetlana Kaplun, P.C.
modification, making home affordable, hamp, mortgage modification, harp refinance, making homes affordable, modifications, home affordable modification program, home affordable refinance program, hamp program, home loan modification, loan modification guidelines, foreclosures, foreclosure listings, foreclosure homes, mers, foreclosure settlement, foreclosure homes for sale, free foreclosure listings, foreclosure home, deed in lieu of foreclosure, foreclosure process, how foreclosure works, home foreclosure, foreclosure radar, bank foreclosure, home foreclosures, foreclosure listing, hud foreclosure, foreclosure laws, short sale vs foreclosure, stop foreclosure, totally free foreclosure home listings, foreclosure help, free government home foreclosure listing, free listing foreclosure home sale, free foreclosure listings with pictures, fannie mae foreclosure, independent foreclosure review, lawyers, power of attorney, personal injury attorney, attorneys, power of attorney form, durable power of attorney, power of attorney forms, criminal attorney, attorney search, medical power of attorney, free power of attorney, bankruptcy attorney, power of attorney template, power of attorney form download, durable power of attorney form, free power of attorney forms, general power of attorney, free printable power attorney form, lasting power of attorney, tax attorney, free power attorney forms, divorce attorney, ace attorney, disability attorney, attorney jobs, enduring power of attorney, attorney at law, patent attorney, free power of attorney forms to print, real estate attorney, injury lawyer, personal injury lawyer, defense lawyer, criminal defense lawyer, the lawyer, accident lawyer, a lawyer, criminal lawyer, motorcycle accident lawyer, rocket lawyer, bankruptcy lawyer, divorce lawyer, ask a lawyer, find a lawyer, lawyer referral, car accident lawyer, family lawyer, lawyer search, lawyer find, lawyer ratings, lawyer referral service, immigration lawyer, dui lawyer